HOUSTON Chevron Corp (CVX.N) on Monday stated it stands
behind John Stumpf, a member of its board and the chief govt of financial institution
Wells Fargo & Co (WFC.N), notwithstanding growing issues approximately his
leadership throughout a customer support scandal.
stress has set up on Stumpf in recent days to renounce as
CEO of Wells Fargo, the largest U.S.
financial institution through deposits, after revelations the bank for years
opened checking, savings and credit score card bills with out client approval
to satisfy managers' demands for brand new business.
Lawmakers of both most important U.S.
political events in Congress have excoriated Stumpf, accusing him of making a
culture wherein one of these exercise may want to thrive.
in advance this month Stumpf resigned from an advisory
function at the U.S. Federal Reserve.
Chevron executives had noted his enjoy and popularity as a
prime gain to its shareholders while recommending him to the board. The
corporation's board additionally stated his position on the Fed while it
nominated him to the board.
"John (Stumpf) is a valued member of our board,"
Chevron spokesman Kent Robertson stated in an emailed announcement to Reuters.
"Given the investigations which are underway, it'd be beside the point for
us to remark further."
Stumpf joined the 10-individual Chevron board in 2010, the
identical year he have become chairman of the San Francisco-primarily based
financial institution and 3 years after he became its CEO. both businesses are
based in California's Bay area
and are roughly 35 miles (55 km) aside.
Stumpf is also a director at store target Corp (TGT.N),
which declined to comment on whether he's going to remain on its board.
At Chevron, the second-largest U.S.-primarily based oil and
natural gas manufacturer, Stumpf serves on board committees that oversee
company governance and government compensation.
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